The Nottingham Building Society has reduced the rate of its Retirement Interest Only (RIO) mortgages, introduced a three-year discount offering and reintroduced its seven-year fixed product.

The building society said it conducted a product review, taking on board broker feedback.

It has added a three-year discount (3.25%) to the existing two-year discount (2.99%), both with no fees, and reintroduced a seven-year fixed product (3.85%) with a £995 fee.

The Nottingham’s existing two-year fixed product has seen a rate reduction to 3.20% (from 3.40%) and the three-year fixed is now 3.30% (was 3.42%). Both have no fees. Its five-year fixed rate has dropped to 3.45% (from 3.55%) and comes with a £995 fee.

All of the RIO mortgages come with a free valuation and 40% Loan To Value (LTV) limit.

Jamie Hyland (pictured), product manager at the Nottingham, said: “As we are approaching the year anniversary of our RIO launch, we thought it was a good time to undertake a thorough product range review, which included close consideration to feedback from the broker network.

“We’re really pleased that the result is a refreshed RIO range that includes a new product, a returning seven-year fixed offering and reduced rates.

“We are confident this offers further choice for people in, or heading towards, retirement and reaffirms our commitment to our customer’s mortgage needs, whatever their age or life stage.”